PSA May Move Headquarters

PSA Peugeot Citroen is reviewing a plan to move most of its headquarters workers from Paris to the suburb of Poissy, sources tell Bloomberg News.

CEO Carlos Tavares presented the idea on Tuesday to PSA's supervisory board, and the plan will be discussed by the company's unions in January, according to Bloomberg's sources.

PSA confirms it is evaluating "several options" concerning its real estate assets but has made no decision.

If the move is approved, about 1,000 administrative jobs would relocate to Poissy. A Bloomberg source says 500 employees would remain in the Paris area at a new and smaller headquarters.

Bloomberg describes the plan as a cost-cutting move. It says PSA currently pays about €50 million per year to rent its Paris headquarters.